$JSEMCG - Multichoice Group: Relentless Bears Show No Mercy
MCG is trading as forecasted on the previous update, link below.
The bears are showing no signs of easing off as can be seen by the shallow depth of wave B which retraced less than 38,2% of wave A.
Wave B can still unfold as an expanded flat and rally back above 12667.
If the move from 11300 to 12667 is all of wave B, then the share is set to move lower for wave C.
A stretch target for wave C is 8447 which is where wave C = wave A in price length.
For the downside short trade, 12667 should be used as a stop-loss level.
The bears are showing no signs of easing off as can be seen by the shallow depth of wave B which retraced less than 38,2% of wave A.
Wave B can still unfold as an expanded flat and rally back above 12667.
If the move from 11300 to 12667 is all of wave B, then the share is set to move lower for wave C.
A stretch target for wave C is 8447 which is where wave C = wave A in price length.
For the downside short trade, 12667 should be used as a stop-loss level.
